The debt snowball and debt avalanche are two popular methods for paying off debt. The debt snowball method involves paying off your smallest debt first, regardless of the interest rate. Once the smallest debt is paid off, you move on to the next smallest debt, and so on. The debt avalanche method, on the other hand, involves paying off your debts with the highest interest rates first, regardless of the balance. Once the highest interest debt is paid off, you move on to the next highest interest debt, and so on.
Both the debt snowball and debt avalanche methods have their own advantages and disadvantages. The debt snowball method can be more motivating, as you can see your progress more quickly. However, the debt avalanche method can save you more money on interest in the long run. Ultimately, the best debt repayment method for you will depend on your individual circumstances.